Uruguay Gets $380m IDB Financing

The IDB is offering Uruguay up to $380m in financing in three separate facilities. The first is a credit line of $200m with an amortization period of 20 years. Since the credit line is still conditional upon approval, no other terms are available, says an IDB spokesperson. This credit line is for financing social projects aimed for poor children and teenagers. The IDB also approved a $100m floating rate loan to finance road maintenance. It has an amortization period of 12 years, a grace period of 5 years and a disbursement period of 5 years. In addition, an $80m loan to improve mass public transportation in Montevideo was approved. It has an amortization period of 25 years, a grace period of 4 years and a disbursement period of 4 years. The interest rate is also variable.